Adamas Pharmaceuticals (ADMS) PT Raised to $38 at Needham & Company
Needham & Company analyst Serge Belanger reiterated a Buy rating and raised his price target on Adamas Pharmaceuticals (NASDAQ: ADMS) to $38.00 (from $33.00) after the company reported positive top-line results from its first ph 3 study evaluating ADS-5102 in the treatment of levodopa-induced dyskinesia (LID) in Parkinson's disease patients. ADS-5102 met its primary endpoint with a 23% reduction in LID (assessed via Unified Dyskinesia Rating Scale) at 12-wks (p=0.0009). The study met its five secondary endpoints, including maintaining a statistically significant reduction in LID at 24 weeks (p=0.008). The reported safety profile was in-line with the known safety profile of ADS-5102.
"We view these results as a major de-risking event for the ADS-5102 LID program," Belanger commented. "ADMS plans to submit an NDA for ADS-5102 in 2016. We continue to believe that ADMS remains ahead of competitor Osmotica Pharmaceuticals in terms of development timelines. We maintain our Buy rating and raise our $PT to $38 (from $33)."
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Shares of Adamas Pharmaceuticals closed at $16.86 yesterday.